Page 5 - Business Finance
Indian Overseas Bank to focus on robust policy framework
Public sector Indian Overseas Bank would focus on maintaining a robust policy framework and establishing various business verticals to reduce non-performing assets, according to a top official of the bank. The city-headquartered bank would also look at conserving capital and reducing risk burden to protect interest income and meet the provision requirement, Indian Overseas Bank managing director and CEO R Subramaniakumar said in the annual report. On its plans going forward, he said the bank would look at building brand image and improve 'brand IOB' recall value with improved customer service and enhanced digital-based dispensation. The total business of the bank stood at Rs 3,74,530 crore as of March 2019 as against Rs 3,67,831 crore as of FY 2018. Deposits stood at Rs 2,22,534 crore as of March 2019 as against Rs 2,16,832 crore registered the previous year. Gross advances stood at Rs 1,51,996 crore as of March 2019 as against Rs 1,50,999 crore the same period last ...
DoT asks BSNL to put all capex on hold, stop tenders
The telecom department is learnt to have asked state-owned BSNL to put all tenders and purchase order on hold, as the company is facing financial crisis. The finance department of BSNL issued order in this regard on June 2, directing all its circle head to take prior approval of corporate officer located in Delhi before floating any new tenders for capital expenditure, according to official sources. "The order issued to circle heads on June 12 says that BSNL is passing through a temporary financial stress and is not in a position to clear the accumulated liabilities," a BSNL official on the condition of anonymity told PTI. He said the BSNL's Finance Department received the direction from finance wing of the DoT to put on hold all capital expenditure. The order has asked BSNL officers to put in abeyance advance purchase orders, and purchase orders of tenders that have been already finalised till further instruction. BSNL posted operating profit of Rs 672 crore in 2014-15, Rs 3,885 ...
Govt, RBI closely monitoring rupee exchange rate: Sitharaman
The government and the Reserve Bank of India (RBI) are closely monitoring the rupee exchange rate against the dollar on an on-going basis, Finance Minister Nirmala Sitharaman said Tuesday. The rupee has depreciated from Rs 60.50 to a dollar in 2013-14 to Rs 69.74 to a dollar in April-December of 2018-19, the minister said in a written reply to the Rajya Sabha. "The government and Reserve Bank of India are closely monitoring the emerging external position including exchange rate of the rupee on an on-going basis and are calibrating policies or regulations to support robust macroeconomic outcome," she said. The rupee closed at 69.36 to a dollar on Tuesday. Inward remittances from Indians residing abroad stood at USD 58.31 billion in April-December 2018-19, against USD 69.12 billion in the full financial year 2017-18. It was USD 61.29 billion in 2016-17, USD 65.59 billion in 2015-16, USD 69.81 billion in 2014-15 and USD 69.63 billion in 2013-14. Sitharaman said as per the latest annual ..
Currency in circulation rises 22 pc in May over pre-demonetisation level
Currency notes in circulation stood at Rs 21.71 lakh crore at May-end 2019, showing an increase of more than 22 per cent over the pre-demonetisation level. As per a written reply given by Finance Minister Nirmala Sitharaman in the Rajya Sabha Tuesday, the notes in circulation as on November 4, 2016 were Rs 17,74,187 crore, which have now increased to Rs 21,71,385 crore as on May 31, 2019. In a shock decision, the government had decided to demonetised old Rs 500/1,000 notes on November 8, 2016. Sitharaman said the notes in circulation had grown at an average growth rate of 14.51 per cent year on year wise since October 2014. "As actual notes in circulation on May 31, 2019 are only 21,713.85 billion, the demonetisation, followed by digitalisation and reduction of cash use in informal economy has succeeded in reducing the notes in circulation by as much as 3,408.68 billion rupees," she said. The demonetisation, the minister said, was done with a view to eliminate black money, curb fake ..
Urban Ladder plans store in Coimbatore
Urban Ladder, a home furnishing company, Tuesday said it proposes to open a store here as part of its expansion plans. "I've always been fascinated with Coimbatore as an economy and city due to its dynamism and rich cultural heritage," CEO and co-founder of Urban Ladder Ashish Goel said in a press release here. The city's general preference for solid wood furniture and the traditional aesthetic is reflected in many of Urban Ladder's product offerings, for example the 'India Inspired' range. "We aim at catering to the needs of primarily bungalows as well as developing modern apartments. We're eager to present our productline - an embodiment of the delicate balance between tradition and modernity," Goel said. Urban Ladder, which already has 11 stores in New Delhi and Bengaluru, intends to replicate its success story across several key cities throughout the country this year, and within the next quarter, he said. The company eyes profitability along with an IPO in the next
Godrej Properties fixes floor price for QIP issue at Rs 928
a. Approving and adopting the preliminary placement document dated 25 June 2019 in connection with the Issue;
Board of Hitech Corporation appoints director
At meeting held on 25 June 2019
Arzooo.com raises Pre-Series A funding of USD 1 million
Arzooo.com, India's fastest growing retail technology venture, powering physical retailers to compete and grow against their online peers, has raised USD 1 Million Pre-Series ,a funding led by Jabbar Internet Group, that founded Middle east's largest e-commerce platform Souq.com and a consortium of investors from India and United Kingdom.Arzooo's tech platform 'Go Store' is the unique technology offering that solves the big problem of selection, price and complex supply chain and sourcing for Offline retailers.With this platform, Arzooo.com is equipping the physical retailers to compete and grow in the age of Amazon and Flipkart. It enables a partner store to offer its customers the largest selection, best prices and fastest delivery, without them having to stock every item.Commencing with the $48 billion consumer electronics market in India, Arzooo Go Store is disrupting the sector by digitizing the retailers on its Go Store platform. With this, retailers who command 90 per cent of ..
Karnataka CM nudges legislators to use development fund
HD Kumaraswamy, the Chief Minister of Karnataka, has written to all legislators of the state to use the annual fund of Rs 2 crore for the developmental purposes.Kumaraswamy has also asked the MLAs and MLCs to provide spending details of their funds.The letter dated June 13, urges the legislators to submit their reports for the year 2018-19.Currently, the state government is yet to receive communication from 31 MLAs and 36 MLCs about their memorandum of the requirement for 2019-20.Amidst political tension between the coalition partners, Congress and JDS, there are concerns of development having taken a beat seat in the state.
Amazon India head Amit Agarwal takes over as IAMAI chairman
Amazon India Senior Vice-President and Country Head Amit Agarwal has been named as the new chairman of Internet and Mobile Association of India (IAMAI) on Tuesday. He succeeds former Google India MD Rajan Anandan. "Agarwal assumes office at a time when the industry is going through a growth trajectory with more than 500 million internet users in India," IAMAI said in a statement. Yatra co-founder and CEO Dhruv Shringi will take over as the new vice-chairman of IAMAI taking over the role from Deep Kalra (founder and Group CEO of MakeMyTrip), the statement said. The tenure of the new council is for two years, it added. "As the internet revolution continues to be a socio-economic leveler, offering barrier-free access to Indian customers and small businesses in the remotest areas, I am excited that we are coming together as an industry to help truly harness the potential of the internet and emerging technologies such as AI (artificial intelligence) in addressing India-specific problems at
Urban Ladder climbs up the rung, to open a store in Coimbatore
Urban Ladder intends to replicate its success story across several key cities throughout the country this year
Transpek Industry to resume operations at its factory in Ekalbara village
The Company would now be starting its operations gradually and production shall be ramped up to capacity in coming 7-10 days
Open raises Rs 210 cr from Tiger Global, others
Fintech start-up Open Tuesday said it has raised Rs 210 crore (USD 30 million) in funding led by Tiger Global Management. The series B round also saw participation from Tanglin Venture Partners Advisors and existing investors 3one4 Capital, Speedinvest and BetterCapital AngelList Syndicate, a statement said. Founded in 2017, the Bengaluru-based start-up offers business banking service for SMEs and start-ups. Open said its platform has grown to over 1 lakh SMEs and it processes over Rs 35,000 crore in transaction. It is adding over 20,000 SMEs every month. "Open plans to use the funding to scale up the team, launch more products and value-added services and expand its reach to one million SMEs in the next one year," the statement said. Open will launch two new products to enhance its business banking proposition -- the Open+ card (a business credit card with 30 day interest-free credit line for venture backed start-ups) and Layer (a programmable bank account for developers). "...we ...
Rupee pares gains, settles flat at 69.36 a US dollar
The Indian rupee pared initial gains and ended almost flat at 69.36 against the US dollar on Tuesday as simmering geopolitical tensions in the Middle East dampened forex market sentiment. At the interbank foreign exchange (forex) market, the domestic currency opened at 69.32 a dollar and touched a low of 69.40 and high of 69.22 during the day. The local unit finally closed at 69.36 against the American currency, down 1 paisa over its previous close. On Monday, the rupee had settled at 69.35 against the US dollar. Forex traders said participants are cautious amid rising tensions between the US and Iran. "Rupee has been consolidating in the range of 69 and 70 for last five weeks. Today rupee is trading flat, amid easing crude oil prices, foreign fund inflows and weakening of the US dollar in the overseas market," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. Brent crude futures, the global oil benchmark, fell 0.48 per cent to trade at USD 64.55 per ...
Kalyan Jewellers earmarks Rs 300 crore for expansion in South
: Thrissur-based jewellery retailer Kalyan Jewellers has earmarked Rs 300 crore for expansion in five States, according to a top official of the store. The expansion was in line with the company's plan to have 250 showrooms in five years. Kalyan Jewellers currently has 137 showrooms across the country and West Asia. According to Kalyan Jewellers chairman and managing director TS Kalyanaraman, the company plans to open eight showrooms across the southern market -- two showrooms each in Andhra Pradesh, Tamil Nadu and Karnataka, and one each in Kerala and Telangana. "In the past year, our focus was to expand operations in non-South geographies and we forayed into 10 new markets. We entered Assam, Chhattisgarh, Jharkhand and added showrooms in Maharashtra, New Delhi, West Bengal, Uttar Pradesh and Madhya Pradesh," he said in a statement. He said this year with consolidation in South as a key focus, there was immense potential in growing number of metros and mini-metros. "We .
IOC president cautions against profit-driven sports events
IOC President Thomas Bach wants local governments to resist promoting independently run sports events that he believes go against the Olympic ideal. The organizers of profit-driven sporting ventures are "cherry picking" events without sharing the International Olympic Committee's duty to use profits to help athletes around the world, Bach told Olympic leaders on Tuesday at their annual meeting. Citing a global zeitgeist that encouraged "narrow self-interest," Bach criticized "a purely market-based approach to sport that ignores the values we stand for." "This is why are calling on public authorities to take this distinction into consideration whenever they take decisions that affect sport," the IOC president said. In swimming, three elite athletes filed an anti-trust case against governing body FINA and others risked bans by supporting a privately owned league which had a launch event planned in Turin, Italy. FINA then withdrew the ban threat, increased prize money and launched its ...
IndiaMart InterMesh IPO fully bid
Receives bids for 27.94 lakh shares
IndiaMART InterMESH IPO fully subscribed on second day of bidding
The initial public offer of IndiaMART InterMESH, an online marketplace for business products and services, was fully subscribed on the second day of bidding Tuesday. The IPO, which looks to raise about Rs 475 crore, received bids for 27,94,440 shares against the total issue size of 26,92,824 shares, translating into 1.04 times subscription, as per data available with the NSE. The category meant for qualified institutional buyers (QIBs) was subscribed 1.05 times, non institutional investors 4 per cent and retail individual investors 2.48 times. The IPO, which is scheduled to close Wednesday, is of 48,87,862 equity shares, including anchor portion of 21,95,038 equity shares. Price range for the offer was fixed at Rs 970-973 per share. At the upper end of the price band, the offer is expected to raise about Rs 475 crore. IndiaMart InterMesh raised more than Rs 213 crore from anchor investors on Friday. ICICI Securities Ltd, Edelweiss Financial Services Ltd and Jefferies India Pvt Ltd are
Domestic equities rebound on monsoon progress
Indian equities rebounded towards the fag-end of the session on Tuesday as investors looked beyond Middle East tensions and global trade tiff and took heart from monsoon's swift progress towards central and north India. After trading in the red zone for a better part of the session, the BSE gauge pared losses and soared over 350 points, before settling 311.98 points, or 0.80 per cent, higher at 39,434.94. The index hit an intra-day high of 39,490.64 and a low of 38,946.04. Similarly, the broader NSE Nifty rose 96.80 points, or 0.83 per cent, to 11,796.45. During the day, the index touched a high of 11,814.40 and a low of 11,651. The 30-share Sensex was primarily driven by energy, metal, auto and banking stocks. RIL was the biggest gainer in the Sensex pack, rising 2.63 per cent, followed by NTPC, Axis Bank, Tata Steel, PowerGrid, HDFC twins, Vedanta, Bharti Airtel, Bajaj Finance, Bajaj Auto, ICICI Bank and SBI -- gaining up to 2.51 per cent. On the other hand, Yes Bank, Asian Paints, .
Nifty June 2019 futures trade at discount
RIL, SBI and ICICI Bank June 2019 futures most active
